In another thread Google now at a Trillion URLs [webmasterworld.com], Marcia zeroed in on one sentence in the Google blog post:
Not all of the 1 trillion urls that Google has discovered are in the visibile index - not by far. So does this sentence mean that links on those discovered-but-not-indexed urls are still part of the web-link graph, and that they are capable of influencing PageRank?
Right now I'd lean towards saying "no" - the article just misspoke in an attempt at shock and awe. But it's something worth considering. I'll be watching for clues whenever a site has conditions that make testing for this relatively easy.